Bitcoin mining is an energy-intensive process that gets it a lot of backlash from the government and critics. However, despite consuming so much energy, Bitcoin doesn’t have a carbon footprint of what others make it to be. Miners are slowly but steadily moving towards renewable sources of energy. A while back, non-renewable energy sources contributed to more than 50% of the total power used by miners. However, a report from the BTC mining council shows that Bitcoin miners now use 60% renewable energy.
BTC mining council’s Q2 2022 report
As crypto enthusiasts, it is good to see that miners are moving towards the use of renewable energy at such a staggering pace. The report from the BTC mining council suggests that since Q2 2021, the use of renewable energy sources has risen by 6%. This also makes it one of the most environmentally friendly industries on a global scale. The report also shows that miners are becoming more efficient even for the energy they consume. And this is because of the improvement in technology.
Even though the BTC mining hash rate has increased by 137% on a y-o-y basis, the energy usage has risen by 63%. Another interesting insight was shared in the report for BTC mining that said that BTC mining efficiency has surged by 5,814% in the past 8 years.
Authorities blaming environmental problems on Bitcoin
Even though the industry is so small, government officials and authorities make it look like the main culprit behind the environmental change. Bitcoin adds only 0.09% to the total supply of carbon emissions that affect the environment. And some might say that if, with such a small user base, BTC uses so much energy, what will happen when users increase in number. Luckily, Bitcoin doesn’t need more energy to serve more users, and with time it is only going to get more efficient.
The best part is that miners also have the incentive to shift to renewable energy resources because of the lower costs they will have to incur. All in all, if you hear someone saying Bitcoin is bad for the environment, show them these numbers.
What are your thoughts as the BTC mining council reports that Bitcoin miners now use almost 60% renewable energy? And have you ever mined Bitcoin on your PC? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Japan fails to implement self-regulation in crypto successfully.
